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Drivio recorded Rs 1.6 Cr revenue in FY23, expenses at Rs 2 Cr

  • May 9, 2024
  • By Team TheKredible
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Saurabh Tripathi and Ankur Bhardwaj led fintech startup Drivio recorded a revenue of Rs 1.6 crore in FY23. The 2022 founded firm saw a majority of its coming in from operations while other revenue streams contributed a little over 2% the same year.

Drivio is a tech-enabled omnichannel two-wheeler financing platform that provides the financing options to buy bikes, scooters, and two-wheeler EVs. It allows users to compare bikes, get latest news and reviews about two-wheelers.

The platform uses techniques like psych profiling, biometrics, and gamification backed by machine learning algorithms to make quick and effective lending decisions.

The two-year-old platform spent over 50% of its total expenses of Rs 2.1 crore in employee benefits in the fiscal year ending March 2023.

While legal charges cost close to 9%, advertisement costs took up over 6.5% the same year. Commissions and travelling costs followed.

The Gurugram based company secured over Rs 8 crore in its Seed round held in late 2022. The round saw support from the likes of Frostees, K N R Automobiles, and Vansun Mediatech. This was the firm’s maiden and only fundraise till date. The firm’s valuation is at Rs 27 crore.

Post the round, founders Saurabh Tripathi and Ankur Bhardwaj held over 20% of the company’s shares each. Vansun Mediatech and Frontview Partners were also among the list of major shareholders in Drivio.

The EV financing platform incurred losses amounting to Rs 52 lakhs in FY23. While its current EBITDA stands at -33.09% and its ROCE is at positives of 0.59%.